In 2025, Africa’s foreign exchange market was shaped by selective recoveries rather than broad-based strength, with Ghana’s cedi emerging as the continent’s top performer against the US dollar.
The Ghana cedi’s dramatic rebound led the way, followed closely by Zambia’s kwacha and the Congolese franc.
Across the continent, FX movements reflected a mix of policy interventions, export-driven inflows, and peg-driven stability, showing that strong gains were achievable even in a volatile environment.
Most other currencies experienced moderate appreciation or stabilization, highlighting the uneven nature of the market.
Commodity-rich economies and disciplined macroeconomic policies were central to the strongest trends, while global dollar dynamics continued to influence outcomes.
The Nigerian naira delivered a modest 6.91% appreciation in 2025, ranking 22nd among African currencies and underscoring its relatively subdued FX recovery.
Below are the top 10 best performed African currencies in 2025
Used by: Cameroon, Central African Republic, Chad, Republic of the Congo, Equatorial Guinea, Gabon
The Central African CFA franc appreciated by 12.8% in 2025, largely reflecting the euro’s strength against the US dollar, given the currency’s fixed peg.
Across all six countries, the CFA franc followed an identical monthly trajectory shaped by its euro peg. The strongest appreciation was recorded in April (-4.81%) and March (-4.20%), coinciding with periods of euro strength against the US dollar.
The weakest months were October (2.19%) and May (1.80%), when the currency depreciated modestly as the euro softened.
While the stronger currency helped moderate imported inflation, gains were externally driven, offering stability rather than signaling domestic macroeconomic improvement.
